LGPS Central seeks managers for £900 million emerging market mandate

LGPS Central is seeking to hire active global emerging market bond managers to manage its £900 million Global Active Emerging Market Bond Fund. Although subject to slight variations as the process progresses, as a general guideline the fund’s mandate is expected to be benchmarked against the J.P. Morgan EMBI Global Diversified Index GBP Hedged.

The fund will predominantly invest in hard and local currency government bonds and hard currency corporate bonds, all issued by emerging market countries. It is expected that the fund will have certain exposure limits: at least 50% of the fund should be invested in hard currency sovereigns and quasi-sovereigns; up to 30% of the fund can be invested in local currency sovereigns; and up to 30% of the fund can be invested in hard currency corporate bonds.